Investors focused on the Oils-Energy space have likely heard of Canadian Solar (CSIQ - Free Report) , but is the stock performing well in comparison to the rest of its sector peers? One simple way to answer this question is to take a look at the year-to-date performance of CSIQ and the rest of the Oils-Energy group's stocks.
Canadian Solar is a member of the Oils-Energy sector. This group includes 315 individual stocks and currently holds a Zacks Sector Rank of #12. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. CSIQ is currently sporting a Zacks Rank of #1 (Strong Buy).
Within the past quarter, the Zacks Consensus Estimate for CSIQ's full-year earnings has moved 10.14% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the latest available data, CSIQ has gained about 60.88% so far this year. In comparison, Oils-Energy companies have returned an average of 10.67%. This means that Canadian Solar is outperforming the sector as a whole this year.
Looking more specifically, CSIQ belongs to the Solar industry, a group that includes 12 individual stocks and currently sits at #34 in the Zacks Industry Rank. On average, this group has gained an average of 28.73% so far this year, meaning that CSIQ is performing better in terms of year-to-date returns.
Going forward, investors interested in Oils-Energy stocks should continue to pay close attention to CSIQ as it looks to continue its solid performance.